Development finance institution
Belgian Investment Company for Developing Countries (BIO)
BIO is a development finance institution based in Brussels, Belgium, established in 2001. It aims to promote a robust private sector in developing and emerging countries by providing direct investments in private sector projects, thereby contributing to socio-economic growth and sustainable development aligned with the Sustainable Development Goals. BIO operates in three main sectors: financial institutions, local SMEs, and infrastructure projects, focusing on optimizing development impact, ensuring additionality, and supporting sustainable projects
Investment focus
- Sectors
- Financial servicesEnergy and powerManufacturing and industrialsAgriculture and foodSMEsInfrastructure
- Stages and strategies
- SeedGrowthFund investmentsBuyoutPrivate credit
- Regions
- Northern Africa, Eastern Africa, Western Africa, Central Africa, Southern Africa
Fund commitments
- Incofin India Progress Fund I
- Excelsior Capital Vietnam Private Equity fund
- Cambodia Laos Myanmar Development Fund II
- MSEF II
- SUSI Asia Energy Transition Fund
- Local Currency Microfinance Fund II
- African Rivers Fund I (XSML)
- Agricultural and Rural Impulse Fund (agRIF Coöperatief U.A.)
- Darby Latin America Fund IV
- Acumen Resilient Agriculture Fund II (ARAF II)
- Adenia Capital III
- Lendable MSME Fintech Credit Fund I
- AfricInvest Small Cap Fund
- Incofin Rural Impulse Fund I
- Lendable MSME Fintech Credit Fund II (LMFCF II)
- African Rivers Fund III LP
- Navis Asia Credit Fund I
- Inside Equity Fund II
- Ascent Rift Valley Fund II L.P.
- Catalyst Fund I
- Rural Impulse Fund II
- Afrigreen Debt Impact Fund SLP
- TIDE Africa Fund II
- Omnivore Agritech & Climate Sustainability Fund III
- African Rivers Fund IV (ARV IV)
- Renewable Energy Performance Platform 2
- I&P Afrique Entrepreneurs 2 (IPAE 2)
- Zoscales Fund I
- AfricInvest Financial Inclusion Vehicle FIVE
- Renewable Energy Asia Fund II L.P.
- Ethos Mezzanine Partners III
- Locfund Next
- Amethis MENA Fund I
- CoreCo Central America Fund I
- L.P. (CORECO)
- European Financing Partners S. A
- EFP
- Ezdehar Mid-Cap Fund II
- Adenia Capital IV
- Kaizen Private Equity II
- Fonds Cauris Croissance II
- AGRIF Coopertief U.A.
- Agri-Vie Fund II
- European Financing Partners V
- Verod Capital Growth Fund III
- SIMA Commercial & Industrial Solar Green Bond
- Maghreb Private Equity Fund II (MPEF II)
- AfricInvest Fund II
- South Asia Clean Energy Fund
- Phatisa Food Fund 2
- Interact Climate Change Facility
- Maghreb Private Equity Fund III (MPEF III)
- Cathay AfricInvest Innovation Fund (AfricInvest)
- Capital North Africa Venture Fund I
- Ventureast Proactive Fund I
- Renewable Energy Asia Fund I
- Fairtrade Access Fund
- The Currency Exchange Fund (TCX) N.V.
- Regional MSME Investment Fund for Sub‑Saharan Africa (REGMIFA)
- Africa Sustainable Forestry Fund II
- Northern Arc India Impact Fund
- Uhuru Growth Fund I
- Africa Fund SCSp (Spark+)
- Darby LATAM Private Debt Fund III
- Maghreb Private Equity Fund IV (MPEF IV)
- VenturEast Proactive Fund II
- Frontier Energy II
- Triple P SEA Financial Inclusion Fund
- GEF South Asia Growth Fund II
- EcoEnterprises Partners III, LP
- Argan Infrastructure Fund (ARIF)
- TIDE Africa Fund I
- Convergence Partners Digital Infrastructure Fund
- Metier Capital Growth Fund III
- Omnivore Partners India Fund II
- Pact Global Microfinance Fund
- BTS India Private Equity Fund
- Fefisol II
- Senergy II
- GEF South Asia Growth Fund III
- Africa Renewable Energy Fund I
- AfricInvest Financial Sector Fund
Selected portfolio and direct investments
- Frogfoot Holdings (Pty) Ltd, Vox Telecommunications Holdings (Pty) Ltd
- Odyssey Renewable Energy Solutions Ltd
- Orchidia Pharmaceutical Industries S.A.E.
Recent investments and transactions
| Date | Transaction | Type | Value | Market |
|---|---|---|---|---|
| 1 Sep 2026 | BII, BIO, FMO and partners invest USD 74 million in Odyssey Energy Solutions | Private Equity, Private Credit | $74m | Nigeria |
| 24 Aug 2026 | Frogfoot and Vox recapitalisation led by DNI Consortium and Metier Investors | Private Equity, Corporate Transactions | Undisclosed | South Africa |
| 11 Mar 2026 | SPE Capital, EBRD, Proparco, and BIO's Investment in Orchidia Pharmaceutical Industries' Operations in Egypt | Private Equity | Undisclosed | Egypt |
Sources
- Partner Researchers, accessed 14 November 2026
- https://impact-investor.com/lendable-makes-combined-300m-first-close-for-two-blended-finance-funds/, impact-investor.com. Accessed 14 November 2026.
- https://www.camco.fm/post/camco-achieves-first-close-on-repp-2-blended-finance-fund, www.camco.fm. Accessed 14 November 2026.
- https://www.africaprivateequitynews.com/p/first-close-for-inside-capitals-second?utm_source=publication-search, www.africaprivateequitynews.com. Accessed 14 November 2026.
- https://www.bio-invest.be/en/investments/africinvest-sme-fund, www.bio-invest.be. Accessed 14 November 2026.
- https://www.metier.co.za/metier-announces-first-close-of-metier-capital-growth-fund-iii/media-release/, www.metier.co.za. Accessed 14 November 2026.
- https://echosys.co/first-closing-of-afrigreen-debt-impact-fund-slp/, echosys.co. Accessed 14 November 2026.
- https://www.globalprivatecapital.org/newsroom/incofin-investment-management-reaches-a-us71-million-first-close-for-agrif-fund-pan-emerging-marke/, www.globalprivatecapital.org. Accessed 14 November 2026.